Floating rates up, fixed down
It's been a busy week on the mortgage rate front with floating rates rising and fixed rates falling.
Sunday, February 15th 2004, 1:50AM
by The Landlord
All the major banks have now increased their floating mortgage rates 25 basis points to 7.50% following the Reserve Bank’s surprise Official Cash Rate rise nearly a fortnight ago.During the week the majority of the non-bank lenders have increased their floating rates too, however they are all below the main banks. The lowest rate on offer is 6.80% from Equitable and Pacific Home Loans.
While the main banks have their floating rates at 7.50%, the second tier banks have their floating rates between 6.95% for Kiwibank to 7.45% for HSBC.
While fixed rates have risen across the board there have been some reductions in the fixed rate area. For a full list of changes go the Rates Page.
BNZ economist Tony Alexander says fixed rates are now 1% above their record lows of July last year while fixed rates are up 0.4% with another 0.5% to go this year.
ANZ economist David Drage says the best deal for borrowers is around the one and two year rates.
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